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Dragon Riders GBP/JPY

  • #24,921
  • Edited 6:08pm Jun 27, 2017 5:57pm | Edited 6:08pm
Quoting raphaelfx
In that case my job is to figure out why it doesn't work the times that it didn't. .
Hi Raphael,

I just took a look at your FF Explorer results.

Your problem is that you keep adding to a losing position. In other words you keep betting against the trend.

That's a big no-no right there, this strategy never works, in the long run the trend will eat you alive and generate huge losses.

I suggest you do the exact opposite : keep adding to winning positions only.
  • #24,922
  • Jun 27, 2017 7:12pm Jun 27, 2017 7:12pm
Quoting Mr Breakout
{quote} Hi Raphael, I just took a look at your FF Explorer results. Your problem is that you keep adding to a losing position. In other words you keep betting against the trend. That's a big no-no right there, this strategy never works, in the long run the trend will eat you alive and generate huge losses. I suggest you do the exact opposite : keep adding to winning positions only.
You can get out of any trade if you know how to hedge and practise loss recovery... Yes it is nice when you trade with the flow, but sometimes you get caught in a bad position or positions, but if you think rationally you can work it out.

If everyone traded text book we'd all be losers... they would know exactly how to move the money so you can't get any....lol
I'll pick up the crumbs don't need the whole pie
  • #24,923
  • Jun 27, 2017 7:42pm Jun 27, 2017 7:42pm
Hey Guys!!!

New here, just wanted to say whats up and happy trading.
  • #24,924
  • Jun 27, 2017 8:46pm Jun 27, 2017 8:46pm
Quoting Quickiepip
You can get out of any trade if you know how to hedge and practise loss recovery...
The only way to get out of a bad trade is to close the position, end of story, not to keep betting against the trend.

In fact and most of the time, a simple 35 to 50 pip stop will keep the trader out of trouble.
Plus he can always re-enter the position later, if the price revisits his original entry point.

I learned this a long time ago, the hard way of course ($$$), LOL
  • #24,925
  • Jun 27, 2017 8:49pm Jun 27, 2017 8:49pm
You guys looking for a pullback to buy more tonight?
niemals aufgeben
  • #24,926
  • Jun 27, 2017 8:50pm Jun 27, 2017 8:50pm
Quoting NovaFX
You guys looking for a pullback to buy more tonight?
But of course my friend, the Dragon is going to fly again, he is just taking a nap now...
Attached Image
  • #24,927
  • Jun 27, 2017 8:59pm Jun 27, 2017 8:59pm
Quoting Mr Breakout
{quote} The only way to get out of a bad trade is to close the position, end of story, not to keep betting against the trend. In fact and most of the time, a simple 35 to 50 pip stop will keep the trader out of trouble. Plus he can always re-enter the position later, if the price revisits his original entry point. I learned this a long time ago, the hard way of course ($$$), LOL
I never close a position to take a straight up loss... 35-50pip sl on the dragon will get hit a lot but everyone is different. You do you...you seem to do it well. I've made no money with the fundamentals of forex trading... I'm in my 10th year...lol
I'll pick up the crumbs don't need the whole pie
  • #24,928
  • Jun 27, 2017 9:11pm Jun 27, 2017 9:11pm
Supply6
demand2
i..Short..Position!
Attached Image (click to enlarge)
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if you my trade,My-post analysis, subscribed to ME
  • #24,929
  • Edited 9:27pm Jun 27, 2017 9:17pm | Edited 9:27pm
Quoting Quickiepip
I never close a position to take a straight up loss...
I've heard this a million times.

Then one day these kamikaze traders ("Oh the market will come back, I will keep adding to my losing position until I win something, anything") realize that they are now down 2000 pips or more and that it will then take them at least 3 years just to break even, if at all.

Quoting Quickiepip
35-50 pip sl on the dragon will get hit a lot
Not if your system is profitable to begin with.

Taking small losses (biting the bullet) is the key to success in this trading business, trust me on this one.
  • #24,930
  • Jun 27, 2017 9:24pm Jun 27, 2017 9:24pm
Quoting Mr Breakout
{quote} The only way to get out of a bad trade is to close the position, end of story, not to keep betting against the trend. In fact and most of the time, a simple 35 to 50 pip stop will keep the trader out of trouble. Plus he can always re-enter the position later, if the price revisits his original entry point. I learned this a long time ago, the hard way of course ($$$), LOL
I have to disagree here. There are many times when your trade is correct but the timing is not quite right. I will hedge 50-80% of my position when it gets to a certain point, which varies depending on the pair and timeframe. I will then take the profits from that hedge AND ADD TO ORIGINAL when trade moves back in original direction. Obviously, you need to know what you are doing for this to work. I did it today on GBPAUD. I was short, it moved against me, I hedged all day grabbing profits along the way and then added to short this evening and already closed that portion for around 9% ROI.
  • #24,931
  • Jun 27, 2017 9:29pm Jun 27, 2017 9:29pm
Closed my AUDJPY and CADJPY about 12 hours ago in profit. Have now taken new longs on both.
  • #24,932
  • Jun 27, 2017 9:30pm Jun 27, 2017 9:30pm
Quoting pipmaster77
There are many times when your trade is correct but the timing is not quite right. .
Oh absolutely, and that's part of the business.

But it still does not mean that we have to let our losses grow and/or add to our already losing positions.
  • #24,933
  • Jun 27, 2017 9:34pm Jun 27, 2017 9:34pm
Quoting Mr Breakout
{quote} Oh absolutely, and that's part of the business. But it still does not mean that we have to let our losses grow and/or add to our already losing positions.
The problem is traders add to their losers when the timing IS STILL NOT CORRECT. You cannot just randomly add to losers without the trade having turned back in your favor. The traders who add to losers are the same trying to countertrend and pick tops and bottoms..So yes, there are times when trade just needs to be closed at a loss, but if you use a trend following system, this is actually very rare.
  • #24,934
  • Jun 27, 2017 9:41pm Jun 27, 2017 9:41pm
Quoting Erebus
Since you're in Canada I won't be too hard on you.....
Easy Erebus, easy, the Canadians are some of the nicest people I've ever met.
They are charming, polite and well educated.
  • #24,935
  • Jun 27, 2017 9:45pm Jun 27, 2017 9:45pm
I trade with the trend... if it's down it's suppose to be down I add to the position to get me out sooner I will close the bottom trade at a loss and the top trade with profit for both... I think that's ok.... For me it's only become an up trend today... I don't think Mr. Breakout understands I do take losses and close trades but only when I see a profitable number. lol
I'll pick up the crumbs don't need the whole pie
  • #24,936
  • Jun 27, 2017 9:51pm Jun 27, 2017 9:51pm
Quoting Quickiepip
I trade with the trend..
Well that could be true Quickiepip, but according to your FF Explorer trading history you added more and more GBP/JPY short positions as the trend continued to go up.
  • #24,937
  • Jun 27, 2017 9:57pm Jun 27, 2017 9:57pm
my guess ATM is that reloading longs, if still long, happens 60-120 pips lower than now

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  • #24,938
  • Jun 27, 2017 10:01pm Jun 27, 2017 10:01pm
Quoting Mr Breakout
{quote} Well that could be true Quickiepip, but according to your FF Explorer trading history you added more and more GBP/JPY short positions as the trend continued to go up.
As price action moved up you should say... trend was down for me... neutral to down... is still down.. a weakening trend is still the same direction. So your statement is wrong. it's nice to be able to look at someones FF isn't it...lol
I'll pick up the crumbs don't need the whole pie
  • #24,939
  • Jun 27, 2017 10:05pm Jun 27, 2017 10:05pm
Trend, trend, trend..... ALLWAYS the trend, specially with GJ. Counter-trend strategies can work for some time with other pairs. But I never see one that consistently work with GJ.

--- Rules allready are well established and for good reasons:

1).- Cut your loses fast, let your winers run.
2).- FOLLOW THE TREND like a hunting hound
3).- MONEY MANAGEMENT: your sistem has to have 3 times the pips you are ready to lose. Meaning: your stop is 30 pips, your TP must be at least 90 pips (or more). If your trading sistem doesenīt give you that signals, FIND ONE that does and master it.
4).- Donīt use your equity in one shot if you want to get a living with trading. One-bullet snipers die in this battlefield. You canīt rely in LUCK, but IN STATISTICS and probabilities. Increase your chances by lowering your risk according to your drawdawn.

Thatīs it. Boring and repeated, but so true.


::::
  • #24,940
  • Jun 27, 2017 10:06pm Jun 27, 2017 10:06pm
Quoting Quickiepip
{quote}As price action moved up you should say... trend was down for me... neutral to down... is still down.. a weakening trend is still the same direction. So your statement is wrong. it's nice to be able to look at someones FF isn't it...lol
You are right on the money on this one, it all depends on the time frame we use.

For example an uptrend on the 30-min chart could be perceived as a downtrend on the 4h chart.
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